News : ATO

ATO

ATO stats reflect TBC impact

ATO statistics transfer cap

The introduction of the transfer balance cap has had a significant impact on SMSF member behaviour as indicated by the latest ATO sector statistics, a technical expert has said.

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ATO, Auditing

Part A qualifications off ATO radar

Part A qualifications

SMSFs with Part A qualifications in their annual return should check why they occurred as not all issues need to be reported to the ATO, a technical expert has said.

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ATO, Superannuation

SuperStream compliance date pushed out

SuperStream

Super funds have been given a six-month grace period in which to comply with requirements to accept SMSF rollovers via SuperStream, with a failure to do so not considered a breach during that period.

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ATO, Property

ATO seeks input on in-house asset exclusion

in-house asset exclusion

The ATO’s draft legislative instrument excluding SMSFs that provided COVID-19 rent deferrals from acquiring in-house assets is open for consultation.

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ATO, Documentation

No part for ATO in deed changes

ATO SMSF trust deeds

An SMSF trust deed stipulating any change to it requires ATO approval cannot satisfy this condition, the partner of a legal firm has said.

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ATO, Superannuation, Tax

Relaxed residency rules can still pose risk

residency rules

Non-resident trustees might still be ineligible for income tax concessions regardless of the ATO’s more lenient approach to SMSF residency requirements in light of the COVID-19 pandemic, an audit expert says.

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ATO, Superannuation

myGov anomalies not absolute

myGov early access super

SMSF trustees should still be able to access their super benefits early under the COVID-19 financial relief measures, even if their myGov account is indicating their funds are invalid, a technical expert has said.

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ATO, Auditing

TPB action key to deterring SAN misuse

SAN misuse

The ATO has welcomed the TPB’s action against tax practitioners who engaged in fraudulent misuse of SMSF auditor numbers (SAN).

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ATO, Superannuation

Few early release recontributions

early release super recontributions

The practice of accessing superannuation early under the COVID-19 relief measure and recontributing the funds back into a super fund to gain a tax benefit has not been common so far, the ATO has said.

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ATO, Compliance

Voluntary disclosure best compliance action

voluntary disclosure trustees

Trustees should reveal their compliance issues via the ATO’s voluntary disclosure program as soon as possible, the regulator says.

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